AmTrust launces South Korean operation for warranty and protection business

AmTrust Financial Services has expanded its international extended warranty and protection business with the launch of AmTrust Korea. The new South Korean operation is part of the insurer’s strategic objective to grow its established warranty and protection offerings in sizable, high-potential markets, including those in Asia.

AmTrust writes policies for leading automotive, electronics, equipment manufacturers and retailers. The insurer said it has provided reinsurance capacity for major mobile phone insurance programmes of South Korean telecom companies since 2016. It has also supported the device protection programmes of top electronic brands in major Southeast Asian economies, including Indonesia, Malaysia, Thailand, Vietnam and the Philippines, since 2018.

The AmTrust Korea team will be led by CEO Andrew Kim, who has more than 30 years’ experience in insurance and reinsurance in South Korea, with a specialisation in mobile device risks, customer electronics and motor warranty.

“I am delighted to announce the launch of AmTrust Korea,” said Peter Dewey, EVP and head of international at AmTrust. “We have grown our presence and capabilities in the consumer lines affinity market in South Korea over the past six years and are now very excited to formalise this operation. We have strong relationships with local insurance and local broker partners in South Korea, and our capable team is committed to providing long-term value to the market.”